Interesting question - if you show up and say, for instance, "I'm visiting from the US and I'd like to buy X and Y using US currency", I wonder how they'd handle that.
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Apple Customers in Turkey Being Turned Away at Retail Stores as Halt on Product Sales Continues
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Retail stores in touristy areas have done that for years. For example, Harrod’s in London lets you process the charge in multiple currencies. Usually they offer a worse exchange rate than just letting the credit card company process it in the local currency, but in a situation like this I can see how it might work. It probably depends on what arrangement Apple in Turkey has with their payment processors. Maybe they need to change things to allow settlement in another currency there.
It’s a bit more complicated than that. For that to work, Apple would likely need to have a way to convert the day’s proceeds into a more stable currency. I don’t know if Turkey has imposed capital controls, but those are the kinds of moves that central banks make when dealing with plunging exchange rates.
They want you to pay in Euros or Dollars if you are a tourist.
The people buying Apple stuff are not gonna use it. They want something of value to sell later when they need cash. Same is happening today to jewelers, people buying luxury things and also perfumes are being sold in big bottles.
Trying to buy anything of quality in the USA can be difficult right now because there isn't enough supply. Refrigerators, ovens, cars, patio doors, fine wood products, various quality food items.
Apple seems like the same situation. And SONY PS5, and Xbox, etc. There are more people out there with money than there are products to sell.
Talking to a luxury appliance salesman and he says people are trying to bribe him as well as pay over list, but you just can't get a subzero or a miele no matter what.
This is a post war situation, where despite demand, there aren't enough factories to supply the products, but if companies were to do a rushed expansion, then in a few years there would be a glut of capacity to deal with.
I’m more interested In what those people are eating in the restaurant downstairs. Maybe I’m just hungry! ?
That's probably illegal in Turkey, as it would be in most countries in the world. Governments cannot control inflation if they have no control over the money supply and I doubt that Turkey would hand over monetary control to the US or the EU just like that. It's one thing if a local store takes € discreetly over the counter and records sales in TL but another thing if a public website just sends a message to dump the Lira.
The real question IMO would be, will Apple readjust their pay for the sudden hyperinflation ? 🤔
A very good point. All the business and economic experts in this thread care to comment on that?
Imaging how desperate it feels to see your wealth evaporate with a currency crash.
Far more stable than the Lira which appears to be crashing 20% per day. And they don't have to cash out immediately because unlike fiat money bitcoin is appreciating rather than going to zero.
AMC and now Regal cinemas are accepting crypto.
Many companies already accept it.
172 Companies that Accept Bitcoin - Updated November 2022
Are you looking for companies, stores, services that accept Bitcoin? Do you feel ready to start spending your precious coins? Click here to see where you can spend them!
paybis.com
Not quite. People may not have access to US$ so they still have to convert to local currency, and Apple would have to decide which conversion number to use. People may buy iPhones and return them a few days later. Then what?
Strange, I was there for 2 years and just got back last week, not once anyone ask me to pay in euro or dollars.
Haha I don’t play games I’m not a kid.
Plus you don’t know who or what I manage. Go back to your black magic tricks.
So what if you buy something and take it back for a refund, but the currency has fallen in the meantime?
It wouldn't take long for people to realise that they could use Apple purchases as a useful hedge against inflation and they would be inundated with people buying stuff and taking it back a couple of days later.
I don't see any other way for Apple when complying to local laws.
Unofficial currency clubs have been operated for a long time in Turkey. So much trading going on between teams. Always funny how when I go over my friends ask me to join them and bring cash from abroad for their Lira. But I get better rates just withdrawing from the ATM or Pay by card with my banks than my friends offer me, cheeky gits ?
Anyway pretty normal for those who live there, doesn't effect normal daily living much, but does naturally where it involves import/export in the chain.
Unofficial currency clubs have been operated for a long time in Turkey. So much trading going on between teams. Always funny how when I go over my friends ask me to join them and bring cash from abroad for their Lira. But I get better rates just withdrawing from the ATM or Pay by card with my banks than my friends offer me, cheeky gits ?
Anyway pretty normal for those who live there, doesn't effect normal daily living much, but does naturally where it involves import/export in the chain.
Far more stable than the Lira which appears to be crashing 20% per day. And they don't have to cash out immediately because unlike fiat money bitcoin is appreciating rather than going to zero.
AMC and now Regal cinemas are accepting crypto.
Many companies already accept it.
172 Companies that Accept Bitcoin - Updated November 2022
Are you looking for companies, stores, services that accept Bitcoin? Do you feel ready to start spending your precious coins? Click here to see where you can spend them!
I don’t need crypto spam and marketing propaganda from overhyped theater chain that used market manipulation to steal millions of dollars from stupid amateur investors. Why do you think you’re the only person who reads about these things?
Less companies directly accept crypto today than 5-6 years ago and even when companies accept it very few payments are made because people are brainwashed to ‘trade’ or ‘hodl’ only. Spending an appreciating asset incurs a capital gains tax. Spending a depreciating asset incurs a capital gains loss.
Cryptos have crashed 20% in a single day many many times, and they have had many bubbles in the last 10 years after which they crashed 80-90%.
That’s what happens when a market place is controlled by a few entities and they are performing market manipulation crimes, including create fake trading volumes, using bots to spam the internet, and creating counterfeit money to do pump n dumps.
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The Inflation is now around 400% percent, the crash is coming soon!
The central banks are creating money out of thin air, and now we are at the end game of this monetary system.
its expected to be the biggest economic crash of all time
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Might work, except is it against local laws?
In the country I grew up in, that is illegal which pushed people and goods into the black market.
*It might escape you, a country gets cheaper if the value of the currency decreases against yours, so, your holiday becomes (even) cheaper.
I was travelling through Asia when local economies crashed, the value of most currencies decreased by a lot, not good for locals, for us though it became even cheaper.
*That's what I read from the post you replied to.
That's an interesting situation from an economic point of view. Apple obviously cannot sell products to final customers in US$ in Turkey (and that's normal) but I suppose that they can sell in US$ to local distributors and these local distributors should then be able to sell in Lira to final customers, using spot change (and some margin).